HitPay has almost everything small and medium businesses need to run their business.
In addition to being an online payment gateway, it also offers tools such as point-of-sale software with a card reader, plugins, payment link, and a code-free online store.
Y Combinator Foundation announced today that it has raised $15.75 million in a Series A fund led by Tiger Global, with participation from returning investors Global Founders Capital and HOF Capital . It is currently used by more than 10,000 merchants in Singapore and Malaysia, with plans to expand into more Southeast Asian markets, including Thailand, Indonesia and the Philippines.
Co-founder and CEO Aditya Haripurkar told TechCrunch HitPay started in 2016 as an e-wallet, but then turned to SME platform in 2018 as a product. Virtual POS. As their team began to understand the needs of smaller and medium-sized businesses, they started developing other tools on top of the platform.
HitPay’s Series A funding will be used to build a payments infrastructure from the ground up, with the aim of saving SMEs money and helping them expand their businesses. This will include business tools and payment infrastructure covering all commonly used payment pathways in each market, including wire transfers, cards, e-wallets and services. BNPL.
“Small and midsize businesses have very specific requirements, so we wanted to build a code-free aggregator platform,” said Haripurkar. “That requires all of our plugins, point of sale software, business software, online store, and recurring payments. We will focus on building these free SaaS tools in addition to building the payment system, currently focusing on Singapore and Malaysian merchants. But that’s going to be very different for each country we launch in, so we’ll be looking at local payment methods in each country. That’s been the biggest challenge for our team, and where most of our investments and time are also passing.”
The first step HitPay will take as it expands into new countries is to take control of each of the markets it operates in, to enable it to build a payments infrastructure for SMEs from the ground up. It will then integrate the most popular payment methods. In Singapore, for example, HitPay currently works with around 10 to 15 payment methods.
HitPay’s codeless platform allows SMEs to unify their online and offline payment stacks. It is commonly used by mid-sized businesses, with annual sales of $500,000 to $2 million. Most are in the retail segment, but Haripurkar expects that to grow as well.